Municipal Request Volume Slows for Second Consecutive Month
CUSIP Global Services (CGS) announced the release of its CUSIP Issuance Trends Report for July 2025. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found a third consecutive monthly increase in request volume for new corporate identifiers, while monthly request volume for new municipal identifiers declined for the second consecutive month.
North American corporate CUSIP requests totaled 8,415 in July, which is up 3.1% on a monthly basis. On an annualized basis, North American corporate requests were up 9.8% over July 2024 totals. The monthly increase was driven by an 11.5% increase in request volume for new corporate equity identifiers, a 3.8% rise in request volume for U.S. corporate debt identifiers and a 17.5% increase in requests for longer-term certificates of deposit with maturities greater than one year.
The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 10.4% versus June totals. On a year-over-year basis, overall municipal volumes were up 20.8% through the end of July. Texas led state-level municipal request volume with a total of 247 new CUSIP requests in July, followed by New York (208) and California (93).
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“We’ve been seeing strong new issuance activity across key asset classes, particularly in corporates,” said Gerard Faulkner, Director of Operations for CGS. “With the future of interest rates—and the broader economy—still uncertain, CUSIP requests volumes will continue to be an important barometer of sentiment around new security issuance.”
Requests for international equity CUSIPs rose 5.5% in July and international debt CUSIP requests rose 22.1%. On an annualized basis, international equity CUSIP requests were up 24.4% and international debt CUSIP requests were up 14.5%.
CUSIP Global Services (CGS) is the global leader in securities identification. The financial services industry relies on CGS’ unrivaled experience in uniquely identifying instruments and entities to support efficient global capital markets. Its extensive focus on standardization over the past 50 plus years has helped CGS earn its reputation as the industry standard provider of reliable, timely reference data. CGS is also a founding member of the Association of National Numbering Agencies (ANNA) and co-operates ANNA’s hub of ISIN data, the ANNA Service Bureau. CGS is managed on behalf of the American Bankers Association (ABA) by FactSet Research Systems Inc., with a Board of Trustees that represents the voices of leading financial institutions.
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